Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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20220303 Premarket Prep Gold

20220303 Premarket Prep Gold

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for GOLD. This prep builds off of my week­ly trade plan I made here:

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Larg­er Timeframe

  • MN
    • Price formed a RBR but closed below MN QHi and react­ed off MN supply
    • Price cur­rent­ly trad­ing above last month’s body but with­in range
  • W1
    • Price react­ed off W1 QHi leav­ing a sell­ing wick clos­ing below MN QHi
    • Price cur­rent­ly trad­ing above last week’s body but with­in range

Click to Enlarge

Nar­ra­tive

  • D1
    • D1 Inside Bar but with longer buy­ing wick
    • Price still trad­ing with­in D1 QHi and D1 Supply
  • H4
    • H4 Con­sol­i­da­tion and H4 Bear Engulf reject­ing H4 QHi giv­ing H4-C‑S 1935.528 (at VAH)
    • Price trad­ing mid swing
    • H4 Bull Engulf giv­ing H4-C‑D 1928.968 (with­in val­ue at the open)
  • Trend
    • Trend is UP 2/3
  • Mar­ket Profile
    • 2‑day over­lap­ping val­ues above the pre­vi­ous two (although quite near)
  • LN Open
    • Open With­in Value
    • Bal­anc­ing Market
    • Open at H4-C‑D 1928.968

Hypos

  • Hypo 1
    • Short
    • Failed Auc­tion
  • Hypo 2
    • Long
    • Late-Sus­tained Auction
  • Hypo 3
    • Long
    • Failed Auc­tion
  • Hypo 4
    • Short
    • Late-Sus­tained Auction

Clar­i­ty

  • 3

Addi­tion­al Notes

  • NFP tomor­row

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing tired so will take extra caution

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • No ear­ly exits, either hit SL or target
    • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
  • Risk Man­age­ment
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim Racing Enthusiast.

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